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: If you choose the standard mileage rate for a leased vehicle, you must use it for the entire lease period. 📈 Filing Requirements

IRS covers the Business Use of a Car . It explains how individuals can deduct expenses related to operating a vehicle for business or professional purposes. 🚗 Deduction Methods : If you choose the standard mileage rate

: You multiply the business miles driven by a set IRS rate. This requires you to choose this method in the first year the car is available for business use. : If you choose the standard mileage rate

: There are specific limits on how much depreciation you can deduct each year, which vary based on the vehicle's weight and use percentage. : If you choose the standard mileage rate